Light wins Renko forex Trading System
.Renko charts are based on PRICE, not on TIME. Renko charts update dynamically, tick by tick. Renko charting is considered best for predicting the change in the market sentiment that precedes a new trend. Trend reversals are signaled by the emergence of a different color candle. An easy system to follow is to trade in the direction of the trend and exit when it reverses. Support and resistance levels are easily seen on Renko charts.
Renko Indicator charts smooth out market noise, clearly show trends and detect reversals. Renko charts are very effective for traders in identifying critical support and resistance levels. Buy/sell signals are generated when the direction of the trend & color of the candles changes. Actual volume values are displayed for each Renko candle.
How to Use this MT4 Renko Trading System
#A Green arrow represents a buy signal.
#A Red arrow represents a sell signal.
Trade only in the direction of the trend. It have four signals of direction. To confirm an entry, you must have three concordant signals in the same direction including the arrow.
Trend arrow green Buy arrow, confirmed by two other signals.
Ultra signal indicator Green, BKMGC1 Green color painted candles, or MACD two lines cross upward.
Trend arrow red Sell arrow, confirmed by two other signals.
Ultra signal indicator Brown, BKMGC1 Pink color painted candles, or MACD two lines cross downward.
You can take profit from your order at the opposite signal or use the risk-to-reward ratios.
On the last swing, high for Sell trades.
On the last swing, low for Buy trades.
Close to important support/resistance area.
Or exit on the opposite signal.
Light wins Renko forex Trading System download link